(a) The indifference curve for U = 12, U = 18 and U = 24 is to drawn by considering F on the horizontal axis and the C on the vertical axis.

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Answer 1

Question

Chapter 3, Problem 3.10P

To determine

(a)

The indifference curve for U = 12, U = 18 and U = 24 is to drawn by considering F on the horizontal axis and the C on the vertical axis.

To determine

(b)

It is to be determined that the shape of the indifference curve represent that the Julie has diminishing marginal rate of substitution of food for clothing.

To determine

(c)

The slope of the indifference curve U =12 at the basket with 2 units of food and 6 units of clothing is to be determined. The slope at the basket with 4 units of food and 3 units of clothing is also to be determined along with that it is also to be determined that indifference curve represents that Julie has a diminishing marginal rate of substitution of food for clothing.

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Answer 2

Question

Chapter 3, Problem 3.10P

To determine

(a)

The indifference curve for U = 12, U = 18 and U = 24 is to drawn by considering F on the horizontal axis and the C on the vertical axis.

To determine

(b)

It is to be determined that the shape of the indifference curve represent that the Julie has diminishing marginal rate of substitution of food for clothing.

To determine

(c)

The slope of the indifference curve U =12 at the basket with 2 units of food and 6 units of clothing is to be determined. The slope at the basket with 4 units of food and 3 units of clothing is also to be determined along with that it is also to be determined that indifference curve represents that Julie has a diminishing marginal rate of substitution of food for clothing.

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Answer 3

Question

Chapter 3, Problem 3.10P

To determine

(a)

The indifference curve for U = 12, U = 18 and U = 24 is to drawn by considering F on the horizontal axis and the C on the vertical axis.

To determine

(b)

It is to be determined that the shape of the indifference curve represent that the Julie has diminishing marginal rate of substitution of food for clothing.

To determine

(c)

The slope of the indifference curve U =12 at the basket with 2 units of food and 6 units of clothing is to be determined. The slope at the basket with 4 units of food and 3 units of clothing is also to be determined along with that it is also to be determined that indifference curve represents that Julie has a diminishing marginal rate of substitution of food for clothing.

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Answer 4

Question

Chapter 3, Problem 3.10P

To determine

(a)

The indifference curve for U = 12, U = 18 and U = 24 is to drawn by considering F on the horizontal axis and the C on the vertical axis.

To determine

(b)

It is to be determined that the shape of the indifference curve represent that the Julie has diminishing marginal rate of substitution of food for clothing.

To determine

(c)

The slope of the indifference curve U =12 at the basket with 2 units of food and 6 units of clothing is to be determined. The slope at the basket with 4 units of food and 3 units of clothing is also to be determined along with that it is also to be determined that indifference curve represents that Julie has a diminishing marginal rate of substitution of food for clothing.

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Answer 5

Chapter 3, Problem 3.10P

To determine

(a)

The indifference curve for U = 12, U = 18 and U = 24 is to drawn by considering F on the horizontal axis and the C on the vertical axis.

To determine

(b)

It is to be determined that the shape of the indifference curve represent that the Julie has diminishing marginal rate of substitution of food for clothing.

To determine

(c)

The slope of the indifference curve U =12 at the basket with 2 units of food and 6 units of clothing is to be determined. The slope at the basket with 4 units of food and 3 units of clothing is also to be determined along with that it is also to be determined that indifference curve represents that Julie has a diminishing marginal rate of substitution of food for clothing.

Answer 6

Chapter 3, Problem 3.10P

To determine

(a)

The indifference curve for U = 12, U = 18 and U = 24 is to drawn by considering F on the horizontal axis and the C on the vertical axis.

Answer 7

Chapter 3, Problem 3.10P

To determine

(a)

The indifference curve for U = 12, U = 18 and U = 24 is to drawn by considering F on the horizontal axis and the C on the vertical axis.

Answer 8

To determine

(b)

It is to be determined that the shape of the indifference curve represent that the Julie has diminishing marginal rate of substitution of food for clothing.

Answer 9

To determine

(b)

It is to be determined that the shape of the indifference curve represent that the Julie has diminishing marginal rate of substitution of food for clothing.

Answer 10

To determine

(c)

The slope of the indifference curve U =12 at the basket with 2 units of food and 6 units of clothing is to be determined. The slope at the basket with 4 units of food and 3 units of clothing is also to be determined along with that it is also to be determined that indifference curve represents that Julie has a diminishing marginal rate of substitution of food for clothing.

Answer 11

To determine

(c)

The slope of the indifference curve U =12 at the basket with 2 units of food and 6 units of clothing is to be determined. The slope at the basket with 4 units of food and 3 units of clothing is also to be determined along with that it is also to be determined that indifference curve represents that Julie has a diminishing marginal rate of substitution of food for clothing.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 3 - Prob. 1RE Ch. 3 - Prob. 2RE Ch. 3 - Prob. 3RE Ch. 3 - Prob. 4RE Ch. 3 - Prob. 5RE Ch. 3 - Prob. 6RE Ch. 3 - Prob. 7RE Ch. 3 - Prob. 8RE Ch. 3 - Prob. 9RE Ch. 3 - Prob. 10RE

(a) The indifference curve for U = 12, U = 18 and U = 24 is to drawn by considering F on the horizontal axis and the C on the vertical axis.

Solution Summary: The author defines the indifference curve as the graph which represents the combination of goods or services which will give the consumer equal satisfaction and the utility.

(a)

The indifference curve for U = 12, U = 18 and U = 24 is to drawn by considering F on the horizontal axis and the C on the vertical axis.

(b)

It is to be determined that the shape of the indifference curve represent that the Julie has diminishing marginal rate of substitution of food for clothing.

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Chapter 3 Solutions

(a) The indifference curve for U = 12, U = 18 and U = 24 is to drawn by considering F on the horizontal axis and the C on the vertical axis.

Solution Summary: The author defines the indifference curve as the graph which represents the combination of goods or services which will give the consumer equal satisfaction and the utility.

(a) The indifference curve for U = 12, U = 18 and U = 24 is to drawn by considering F on the horizontal axis and the C on the vertical axis.

(b) It is to be determined that the shape of the indifference curve represent that the Julie has diminishing marginal rate of substitution of food for clothing.

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Chapter 3 Solutions

(a)

The indifference curve for U = 12, U = 18 and U = 24 is to drawn by considering F on the horizontal axis and the C on the vertical axis.

(b)

It is to be determined that the shape of the indifference curve represent that the Julie has diminishing marginal rate of substitution of food for clothing.